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- An analyst posted that altcoins are following similar price trajectories on weekly charts.
- Dan Gambardello believes that altcoin season is coming soon.
- Bitcoin halving is followed by an altcoin season historically.
Dan Gambardello, the founder of Crypto Capital Venture, took to social media platform X to highlight the weekly charts of four altcoins, Cardano (ADA), Gala (GALA), Avalanche (AVAX), and MultiversX (EGLD).
As per the post, the weekly charts of these “random” altcoins are following the same trajectory ahead of the Bitcoin halving and the altcoin season that usually follows the halving event. “Just getting started,” Gambardello said while hinting at a potential rally in the prices of altcoins in the near future.
Crypto enthusiast Jason Owen took to X to reply to Gambardello’s post, stating that the price action of ADA looks better on the weekly chart than on the hourly chart while forming head and shoulders pattern on the daily timeframe.
Head and shoulders on the daily chart of ADA/USDT, Source
Interestingly, the head and shoulders pattern is a bearish indication which includes a single head with two shoulders forming almost similar peaks. Generally, this indicates a bearish trend reversal which means that prices might fall until the pattern is not broken.
The price actions of the four altcoins posted by Gambardello showed that since 2024 began, the prices have been moving exceptionally upward with slight retractions but once again gaining momentum.
Gambardello’s Chart, SourceAs reported earlier, well-known Bitcoin analyst Michaël van de Poppe mentioned ten altcoins that investors need to purchase prior to the upcoming altcoin season. These include Chainlink (LINK), Celestia (TIA), and Polkadot (DOT).
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